El Salvador's Legislature Makes Bitcoin as Legal Tender
Hello, fellow Steemit users. As you would like to know that on an early Wednesday, the legislature of El Salvador has voted in favor of the proposal offered by their President, Nayib Bukele to assume Bitcoin. The bill that was in a huge controversy was voted in favor by 62 members of the legislature, while 19 members opposed the bill and there were 3 abstentions.
The President while providing more details for this measure, said that this step would boost the financial growth of the country where only 30% of the people can be stated as having access to financial services. He even stated that the users are free to choose their wallet and it is not necessary for them to use the government one. In a Twitter space conversation, he mentioned that the new law would grant permanent residency to a person who would invest 3 BTC in the country's economy.
The bill stated that it is mandatory for all businesses to accept the payment for goods and other entities in Bitcoin. The government even stated building of trust to convert Bitcoin into U.S. dollars. This trust would be set up at the development bank of the country. This was in case a merchant doesn't want to hold Bitcoin and wishes to convert it into U.S. dollars.
The government even said that they might be looking for promoting Bitcoin mining later in the future. The country is hoping to attract more business due to excess geothermal energy and while it has not been clearly stated, the Bitcoin mining industry might be approached for it. The President's vision t promote and spread awareness about the crypto world might just work out.
It will be interesting to find out how this bill works out and what happens in the future.
Thank You.
Needless to say that I maintain my reservations about this announcement by the government of El Salvador, the cryptocurrency culture must be taught at all levels in order to see the fruit of this economic strategy of the Salvadoran government.
Thank you for the visit. And yes your thinking is right.
Here is the link to my tweet
https://twitter.com/Vaibhav35079677/status/1402874587667337223?s=19
Here is the ss of my tweet
Keep sharing @vaibhavsan
Thank you for the visit 😊.
Greetings @vaibhavsan very interesting information, this makes it clear that every day cryptocurrencies has more strength, already many countries accept them, and in others they are considered as legal tender, this great development in cryptocurrencies is unstoppable.
Thank you for the visit.